Renting heavy equipment can represent the best choice for your construction business in several scenarios. Your budget can only stretch so far, so figuring out when to rent heavy equipment can go a long way towards keeping your business going. Here are a few situations where renting construction equipment makes the most sense:
1. When You're Just Getting Started
Starting up any business takes a lot of time, effort, and funds. For a construction business, equipment costs can become cost prohibitive. You can find yourself in a position where you need certain pieces of equipment to move forward with your business. Unfortunately, you may lack the funds to pick up expensive equipment while also maintaining other aspects of the business.
You can rent the equipment you need for a specific job, then return it when you're done. In this way, you can accept a new client without spending all the money you stand to make from the job on the equipment you need for it.
2. When You Don't Want the Clutter Your Filings
When you own equipment, it's business equipment. That means you will have to spend a good deal of time working out depreciation, deductions, and other relevant tax implications that come with the purchase and use of heavy equipment.
When you rent equipment, you don't own it, so you don't have to claim it. Rented equipment isn't a business asset of your company; it's a business asset of the rental company. Each piece of equipment you rent is one less piece of equipment you have to account for when you're filing.
3. When You Want to Present Your Business in the Best Light
You don't have to own the equipment to say you have access to the equipment you need. Many prospective clients want to know you have the best equipment for the job. If you rent, you can use the entirety of the rental company's catalog.
If the rental company has the latest and greatest in construction equipment, then you can say you have access to the latest and greatest in construction equipment. This will improve the image of your business and brand.
4. When You're On the Fence about a Purchase
One of the greatest aspects of renting heavy equipment is the "try before you buy" aspect of it. You can read up on all the advances in technology and go through review after review. However, nothing you read or see can substitute for trying out the equipment yourself.
Renting heavy equipment will allow you to see that equipment in action. You will get a feel for how it can fit into your business. From there, you can make a far better decision on whether the purchase is worth it or not.
5. When You Don't Want to Deal with the Hassle of Maintenance
One of the great benefits of renting equipment is the lack of routine maintenance you will have to perform. When you rent, you don't have to spend too much time on equipment upkeep and repairs.
Usually, if you have a problem with a piece of rented heavy equipment, you can just exchange it. This can speed up your operations and allow you to deal with more clients as your business grows. This also applies in emergencies when your own equipment is having issues. You can rent what you need while your main unit receives repairs.
In all these situations, renting can make the most sense. Speak to a heavy equipment rental company about other ways they can help you and your construction business do more.